3 Things I'm Not Willing to Do to Become a Millionaire

There are 5.3 million millionaires in the U.S. And while that might seem like a large number, it's actually only about 2% of the adult population.

Of course, reaching millionaire status is a goal many people strive for. And I'm not going to lie -- I'd love to be able to enter retirement with $1 million or more so I can enjoy that period to the fullest.

To work toward that goal, I'm willing to make sacrifices. I specifically took on a mortgage loan that's less than I can afford so I'm able to save money on an ongoing basis. And I'm willing to drive a boring car if it means being able to pump money into my IRA.

But there are certain sacrifices I'm not willing to make to become a millionaire. Here are three things I refuse to give up.

1. Quality food

Because my after-school routine is very frazzled, I often lack time to cook. But that doesn't mean my family doesn't get fed quality meals.

I'll often outsource my cooking to local restaurants I get my takeout from. It's an added expense, but I'd rather spend the money there than save by purchasing fast food that's far less healthy.

Also, when I do cook at home, I'm often preparing vegetable-heavy meals. Produce can be pricey, but I prioritize it in my budget because I want my kids consuming plenty of it.

I could clearly spend less money on food and save the difference. But eating is something we do regularly. It brings us joy and sustains us. I'm not willing to skimp there.

2. Experiences with my family

My family tends to take a lot of inexpensive trips, including day trips. But even low-cost vacations and outings cost money.

Still, I'm not willing to cut back there just to save a little extra money each year. The trips we take allow us to bond and make memories. They allow us to enjoy the outdoors and spend time with each other in the absence of screens and distractions. I won't sacrifice that for an extra few thousand dollars in my retirement plan.

Now that said, one thing we don't tend to do is take trips that include fancy resort stays. And we rarely fly to our destinations because that's more expensive than driving. But because we tend to spend modestly on trips, I feel even less guilty about taking them, as opposed to putting that money away in a savings account.

3. Donations to important causes

There are certain charities I support on a regular basis, including one that sends sick kids to camp for the summer. It's important to me to be able to donate money to organizations I feel do good work. And I also like to donate to local fundraisers to support my friends' kids and their activities.

I could easily cut back in this area and pad my IRA instead. But I believe in supporting a good cause, so I plan to continue doing that, even if it means retiring with less.

To become a millionaire, you most likely will have to sacrifice something. It may be time so you can work harder and earn more money, or it may be an expense, like a second car or even a primary one.

There's nothing wrong with working toward becoming a millionaire -- as long as it doesn't ruin the way you want to live your life in the present. On my end, I believe I'm doing a good job of striking a balance, but it's also good to draw a line and know which sacrifices I'm just not willing to make.